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Standard Valuation or home buyers report
littlemrtinkle
Posts: 680 Forumite
Hello thanks to everyone for all the help they give, finally decided to plump for a nationwide 5 year fixed mortgage, just one question they offer two choices a standard valuation or a home buyers report, which one would you plump for? and what are the differences between the two?
Home buyer £540
standard valuation is £340
House i am buying is £152500
Home buyer £540
standard valuation is £340
House i am buying is £152500
Mortgage Start jun 2007 £88500 Outstanding Balance £51000
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!
0
Comments
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Is it a new build or a fairly old property?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
property was built around 1962, thanks for the prompt replyMortgage Start jun 2007 £88500 Outstanding Balance £51000
Overpayments 2007 Nil 2008 £1040 2009 £7853 2010 £10000 2011 aiming for £18000 (6k so far)
The Early Bird Gets the Worm, but the Second Mouse Gets the Cheese!!0 -
Well a basic mortgage valuation is done for the lenders purposes. this is the absolute minimum you can have - they basically go around ticking boxes and making the odd comment on the general condition of the property and look for any major faults. you wil not get a copy of the mortgage valuation yourself as its purely for the lenders purposes - if there are any massive defects the lender will be a retention or an undertaking on your mortgage and a condition that it is remedied in your offer or could refuse to lend outright
A homebuyers report is between a basic mortgage valuation and a full structural survey. the surveyor has an obligation to you as well as the lender therefore you get a copy of the report/ they will inspect the property and make note of anything obvious that may need attention either now or in future. they do not lift carpets go into the loft or onto the roof unless its only 1 storey high - this is very useful for negotiation purposes as if anything untoward is revealed in the survey you could reneg or walk away, another option is to insist the vendor puts right before purchase
Hope this helps - Nationwide actually have a leaflet that explains all of this so ask your adviser to send you one before you commit
Good luck
MMI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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